Credit Suisse Sort Of Joins War On Christmas

Author:
Bess Levin
Updated:
Jan 14, 2019
Original:
Dec 3, 2008

The marginally more successful, slightly less tax-evading Swiss bank in town announced yesterday that the Alternative Investments holiday party has not been canceled, so high-fives all around! BUT. It has been postponed. The soiree, which will take place at Cipriani 23rd Street, has been rescheduled from December 11 to January 14. Obviously, this move (to get the space on the cheap, not report the expense for the fourth quarter, etc) pains Brady Dougan, seen at left. No word yet on what's a poppin' with regard to the investment bank's partay, though there is certainly cause for celebration for the CS IB'ers who are being allowed to keep their jobs.
Related: The End Is Near

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The House Of Dougan has apparently said Do svidaniya to a handful of comrades.

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While Brady Dougan is keeping his job, the same cannot be said for 1/3 of European investment bankers. Credit Suisse is to cut senior staff in its European investment banking department by up to a third, three sources familiar with the matter said, as tighter regulation and weak markets hit the sector. "In the European investment banking business, they are going to get rid of 60 directors and managing directors," one source said on Monday. The investment banking department affected advises on mergers and acquisitions, stock market listings, financing and debt issues, as opposed to other areas of the broader investment bank that focus on securities trading. "It is about a third of the directors and 10-15 percent of the MDs," the first source said, referring to what are typically two most senior job ranks in the banking world. The layoffs would happen in July, this person said. The formal redundancy process can last several months. A second source said the cuts could end up affecting 20-30 percent of senior investment banking staff in Europe. Credit Suisse To Make Heavy Job Cuts In Europe [Reuters]

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